The Central Board of Direct Taxes (CBDT) has notified the I-T return forms for the assessment year 2017-18, which is for the income earned during the financial year ending March 31, 2017. According to a CBDT press release, Sahaj or Form 1, can be filed by individuals having income up to Rs 50 lakh and who earn income from salary, one house property and ‘other income’ (such as bank interest).
The government also made mandatory to quote Aadhaar number and disclose bank deposits of more than Rs 2 lakh post demonetisation.
The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
Sahaj can be filed by an individual having income of up to Rs 50 lakh from salary, house property and interest.
To simplify the process even further, here are some steps to follow while filling your ITR form:
1) Register yourself on the IT department’s tax-filing website.
2) Fill in your PAN card and Aadhaar number. As per the latest rulings, your Aadhaar number is mandatory for filing IT returns.
3) Fill in your personal details and information on taxes paid, following which your TDS (tax deducted at source) will be auto-filled.
4) There are two ways to do this. You can fill it and submit it online or download a soft copy and fill it electronically.
5) The form has to be submitted along with documents required for IT returns filing. If you fill it offline, you can upload XML versions of the required documents.
6) Once you’re done, you will get a message confirming the receipt of your IT returns form.
Highlights:
- Sahaj or Form 1, can be filed by individuals having income up to Rs 50 lakh
- It can be filed by those who earn income from salary, one house property and ‘other income’ (such as bank interest)
- The new I-T returns also require Aadhar numbers or enrolment numbers to be provided
